Precious metals crash in the week

Mumbai, Aug 9 (UNI) Both the precious metals crashed during the week, with Silver slumping by Rs 2,520 per kg while gold by Rs 765 per ten gm, on the bullion market.

Barring Monday, silver was down throughout the week, while gold was hammered throughout the week.

On Monday, the first day of the session, the white metal improved by Rs 10 to close at Rs 24,840 from its previous close on improved demand from ornament-makers.

From Tuesday onwards, silver's fall started and continued till date.

On Tuesday, the white metal slid by Rs 740. Next day, it declined further by Rs 110. Within two days, it was down by Rs 850.

On Thursday, silver eased further by Rs 40 to end below 24K mark at Rs 23,950. In the next two days, Friday and Saturday, it lost its shine by Rs 1,640 to close at Rs 22,310 per kg, crashing by Rs 2,520, compared to the last weekend's close.

Silver recorded the highest at Rs 24,840 on August 4, while the lowest at Rs 22,310 on August 9, during the week.

In the global markets, silver was quoted at USD 15.78/15.80 per troy ounce during the week ended August 8, as compared to the previous weekend's close of USD 17.58/17.59 per troy ounce.

The same picture was seen in yellow metal also.

On Monday, gold eased by Rs 40 to close at Rs 12,470. Tuesday was an unfavourable day for gold, as it slid by Rs 335 in a single day to finish at Rs 12,135 on sustained heavy sellling pressure by dealers in view of weak global advices. On Wednesday and Thursday, it slid further by Rs 75. Again on Friday, it fell by Rs 220.

Today, it declined further by Rs 95 to finish at Rs 11,745.

The standard and pure gold closed at Rs 11,745 and Rs 11,810 today, showing a massive loss of Rs 765 per ten gm each, than the last week's close.

Gold recorded its highest of Rs 12,470 on August 4, while its lowest was Rs 11,745 on August 9, during the week.

Both the precious metals declined because of the massive fall in crude oil prices. The crude oil price was recorded at USD 118 per barrel.

In London, gold was recorded at USD 885.00/886.00 per troy ounce during the week ended August 8, as compared to the previous week's close of USD 910.00/910.50.

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